Common Methods Used to Hack Cryptocurrency Exchange

Cryptocurrency Exchange :- The painful decline in the cryptocurrency market is why most amateur virtual currency traders and retail investors are losing interest in the digital currency market.

People who bought Bitcoin for $20,000 consider selling their coins at the same rate without mentioning any chance of profit. It is not yet possible for hackers to reach the critical psychological threshold of $5,000 as they cannot completely break the backing of digital currency traders.

Despite all the tragedies that happened in the cryptocurrency industry, cryptocurrencies are evolving. New investors are coming to the industry such as Goldman Sachs and Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE).

Hack into a Cryptocurrency Exchange

According to cryptocurrency news updates, Goldman Sachs plans that they will allow trading of Bitcoin futures. On the other hand, ICE will offer swap contracts to banks so that customers can get their coins the other day of the transaction.

Cybercriminals use various techniques to hack encryption exchanges. In this article, we have highlighted common attack vectors and also introduces measures to prevent such incidents.

Phishing emails

It may happen that the security system detects some suspicious activity in your account and the encryption trading platform sends you an email asking you to follow the link to change your previous password in order to save your funds.

In that link, you will need to insert your old password, new password and confirmation of the new password. In this way, traders unknowingly deliver the information to hackers.

Follow simple rules to keep your account secure:

  • Emails from unknown sources should not be opened.
  • Do not share your personal information with third parties.
  • Inspect the sender’s email address: Checks whether the message is officially domaind or not.

Phishing Sites

Most people don’t pay attention to missed spelling errors and the missing security check icon in the web browser while typing the site name. Then, when the username and password are inserted into the phishing sites, the hackers capture the information and then use it to access the merchants’ cryptographic accounts. So, to avoid this mishap, make sure you’re opening the right place. The best way is to place the main operations website under Bookmarks and click the bookmark whenever you need to open it.

 Hacking emails

Hackers not only attempt to hack the crypto account of traders, but also make several attempts to hack emails that are linked to cryptographic accounts. Cybercriminals can change their cryptographic account password if they access your email address and then can transfer the funds to your wallet. Therefore, you must enable the two-factor authentication method (2FA) to prevent hackers from accessing your account.

According to the latest cryptocurrency news, cybercriminals are constantly looking to access traders’ information. Therefore, by following these guidelines, you can reduce the security risks associated with cryptographic accounts.